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Need professional advice for your consent to let with Zephyr Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Zephyr Mortgages consent to lease
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We've been renting my wife's old house out with "consent to let" from Zephyr Mortgages on a regular mortgage for the past two years. Zephyr Mortgages have just written retracting their consent to let unless we swap to one of their "buy to let" deals.
- I need to decide what to do ie let or sell. The property has a mortgage against it with Zephyr Mortgages (with quite a bit of equity). I want to buy and live in a second house but keep my old house and rent it out. What is the best way to fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- My partner phoned Zephyr Mortgages on Wednesday regarding consent to let. We are awaiting a returned call. We have placed an offer in on a house that has been provisionally accepted so would like to know how likely it is that we will obtain consent to let with Zephyr Mortgages?
- Resulting from a change in personal circumstances my wife and I are moving to my parents house while they are away and letting our flat out. What is best way to approach my mortgage lender for a 'Consent-to-Let' ? We will need to refinance in the next twelve months will we then have to move to a BTL mortgage. We will 100% return to our property at within the next twelve months?
- I previously took a mortgage with Zephyr Mortgages, but I have to get consent to let for about 12 months as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to just chill out a little for twelve months (by living near her parents and getting their help) in a greener more relaxed area of Manchester.
- I currently have a mortgage with Zephyr Mortgages that I would like to transfer to a consent to let as we have identified another property we are looking to buy. What is the procedure for consent to let?
- What are the circumstances under which Zephyr Mortgages would turn down a request for consent to let?
- My OH and I have a mortgage with Zephyr Mortgages on our studio flat in Wandsworth. We are planning to buy a new house and move in there. How do I move my existing mortgage on to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Zephyr Mortgages consent to let Info
Tax and Legal
There are numerous potential tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could trigger your insurance becoming invalid. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Zephyr Mortgages